Butterfield Bank advised customers in Cayman Thursday that previously announced changes to credit card rates and fees, which were to have taken effect on 31 March, have been suspended until further notice.
The bank said those changes were planned and announced in advance of the government’s implementation of measures to prevent the spread of COVID-19 in the community, which involved a suspension of tourism, the closure of many businesses and associated layoffs.
As part of Butterfield’s efforts to help ease the financial strain that households are experiencing during this period, the fee changes have been suspended, the bank said in a statement.
In addition, customers may see notifications on their April credit card statements indicating that rate and fee changes have become effective, but that is not the case, the bank said, adding that it regrets any confusion this may cause.
Earlier this month, Butterfield announced automatic payment deferrals on credit card payments during April and May, meaning customers can elect not to make minimum, or any, payments on their credit card accounts for the next two months, and late payment fees will not be applied.